Two-Tenant Storefront
For Sale
Contact for pricing
101-103 W Main St, Durham, NC 27701
Two leased storefront suites in the historic Art Deco Kress Building with multiple parking options nearby.
Property Size4,574 SF
Price / SF$256.01
Days on Market104
Property Features for 101-103 W Main St
General Information
Standard status
Active
Size
4,574 SF
Property subtype
RETAIL
Additional Details
Highway Access
Yes
Building Details
Construction
Art Deco
Tenancy
Multi
Listing Agency:
Lee & Associates | Raleigh
(919) 576-2500
Listed By:
Brian Farmer, SIOR
(919) 730-6584
Source:
Moodyscre
Added: Jun 3
Changed: Sep 4
Last Checked: Sep 13 at 11:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates | Raleigh
Investment Insights
Based on property information with market context.
This two-tenant storefront building is located in the historic Art Deco Kress Building in downtown Durham. The property totals 4,574 SF and includes two suites: 2,721 SF and 1,853 SF. Both suites are currently leased, with the 1,853 SF suite leased to the High Dive through 12-31-30 and the 2,721 SF suite leased to Strike Martial Arts through 12/31/35.
Parking is available in the Church Street parking garage, on-street parking, and a paved lot behind the building. The property is walkable to much of downtown Durham and to DPAC, the American Tobacco Campus, and the DBAP.
Access is convenient to NC 147 (Durham Freeway), as well as Duke University and Duke University Medical Center. The tenant mix supports an owner seeking leased retail storefront space in a high-activity downtown setting.
Parking is available in the Church Street parking garage, on-street parking, and a paved lot behind the building. The property is walkable to much of downtown Durham and to DPAC, the American Tobacco Campus, and the DBAP.
Access is convenient to NC 147 (Durham Freeway), as well as Duke University and Duke University Medical Center. The tenant mix supports an owner seeking leased retail storefront space in a high-activity downtown setting.
Key Highlights
- Historic Art Deco Kress Building storefront property
- Total 4,574 SF with two suites: 2,721 SF and 1,853 SF
- 1,853 SF suite leased to High Dive through 12‑31‑30
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$52,734
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,054,680
$1.1M
Cap Rate 7%
$753,343
$753.3K
Cap Rate 9%
$585,933
$585.9K
Market Conditions
NOI Build-Up for 4,574 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$82.3K $18.00/SF
− Vacancy
−$7.0K −$1.53/SF
EGI
$75.3K $16.47/SF
− OpEx
−$22.6K −$4.94/SF
NOI
$52.7K $11.53/SF
Area
Durham, NC
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,054,680
Cap Rate 7%
$753,343
Cap Rate 9%
$585,933
Alternative Uses
Best Use
Retail
$753.3K
$659.2K – $878.9K
NOI $52,734 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,390 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,126
Businesses Nearby
16k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 91%
Beauty & Spa 9%
State Employees Credit Union
Shops & Services
9,259 visits/mo
0.5 miles
Truist
Shops & Services
2,310 visits/mo
0.4 miles
Rock Paper Scissors
Beauty & Spa
1,491 visits/mo
0.1 miles
Mr. Tire
Shops & Services
1,263 visits/mo
0.2 miles
Extra Space Storage
Shops & Services
996 visits/mo
0.5 miles
Demographics for 27701, NC
25,208
Population
13,409
Households
1.9
Avg Household Size
34
Median Age
50%
College-Educated
85%
High-School Grad
5.2 sq mi
ZIP Area
4,848
Density / Sq Mi
$66,852
Median Household Income
$47,681
Median Earnings
$1,279
Median Rent
$457,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - Two leased storefront suites in the historic Art Deco Kress Building with multiple parking options nearby.
Where is this storefront property located?
The property is located at 101-103 W Main St Durham, NC.
What is the asking price?
The asking price for this property is $1,171,000.
What are key features of this property?
This property features: Historic Art Deco Kress Building storefront property; Total 4,574 SF with two suites: 2,721 SF and 1,853 SF; 1,853 SF suite leased to High Dive through 12‑31‑30
